The Finance Ministry on Tuesday inducted two new members into the governing council of the National Investment and Infrastructure Fund Trustee Ltd (NIIFTL), which provides strategic guidance on various matters, including the investment of the NIIF corpus.
The new members are SBI Chairman C S Setty, who replaced his predecessor Dinesh Khara, and veteran banker and Kotak Mahindra Bank director Uday Kotak, who succeeded T V Mohandas Pai.
The nominations were approved by Finance Minister Nirmala Sitharaman, who chairs the Governing Council, according to a circular issued by the Department of Economic Affairs under the Ministry of Finance.
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Other members of the council include Secretary of the Department of Economic Affairs Ajay Seth, Secretary of the Department of Financial Services M Nagaraju, and Chairman of the DSP Group Hemendra Kothari.
The Rs 40,000-crore NIIF, a quasi-sovereign wealth fund, was established in December 2015 as an institution to enhance infrastructure financing by investing in greenfield (new), brownfield (existing), and stalled projects.
In November 2020, the Union Cabinet approved a proposal for an equity infusion of Rs 6,000 crore by the government into the NIIF Debt Platform, sponsored by the National Investment and Infrastructure Fund (NIIF). The platform comprises Aseem Infrastructure Finance Ltd (AIFL) and NIIF Infrastructure Finance Ltd (NIIF-IFL).
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